3.61% Checking Account at AL/TN/MS Bank (CB&S Bank)


Update 11/09/09: The top yield has fallen to 3.61% APY.

CB&S Bank is offering a new checking account called the Star Rewards Checking. It pays 3.61% APY on balances up to $25K (0.75% over) and provides automatic reimbursements of all ATM fees if the following requirements are met:
  • 10 debit card purchases
  • 1 direct deposit or ACH auto debit
  • receive electronic statements
Other features of the account regardless of monthly requirements include:
  • $100 minimum initial deposit
  • No minimum balance requirements
  • No monthly service charge
When I contacted the bank in 2006, I was told that no hard credit pulls are done; only ChexSystem is used when you open this account.

The CSR stated that you must visit a branch to open an account. Branches are located in several cities of Alabama, Tennessee and Mississippi.

The bank is federally insured by the FDIC.

Rate History:
11/01/09: 3.61% APY up to $25K; 0.75% over; 0.15% base
03/27/08: 4.41% APY up to $25K
12/09/06: 5.61% APY up to $25K; 1.01% over

Edit 7/18/09: Updated post with newer format.
Edit 2/22/09: Citizens Bank has changed its name to CB&S Bank.
Related Pages: checking account, reward checking account

Banking Guy
Banking Guy   |     |   Comment #1
There's a new link to the Star Rewards Checking account page.
Anonymous   |     |   Comment #2
Nitpicking I suppose, but the middle tier is 1.01% APY and the bottom rate is 0.24% APY if requirements not met.
Anonymous   |     |   Comment #3
Add ACH auto debit as a requirement.
Anonymous   |     |   Comment #4
All rates dropped on Nov 1,'09: 3.61%, 0.75%, 0.15%. 19 months with no rate change - impressive.